Medusa Mining (AIM: MML) announced that it had began operations to develop a new shaft at its Co-O Gold Mine in the Philippines. The shaft is part of a Phase II development program that will see production rise to 100,000 ounces of gold per annum.
The new vertical shaft will be sunk to a depth of 420 metres, with the capacity for a further extension to 600 metres. Medusa said it expected the shaft development to allow first ore haulage in the first quarter of 2008.